The African Development Bank Group and the Kingdom of Saudi Arabia have agreed to strengthen their partnership to accelerate investment across Africa’s key growth sectors, following high-level talks in Washington.
On Monday, Bank Group President Dr Sidi Ould Tah met separately with Saudi Export-Import Bank (Saudi EXIM) Chief Executive Saad Alkhalb and Saudi Fund for Development (SFD) Chief Executive Sultan Abdulrahman Al-Marshad on the sidelines of the 2025 World Bank and International Monetary Fund Annual Meetings.
Discussions focused on expanding co-investment in renewable energy, trade infrastructure, and social development, including affordable housing. Both sides described the meetings as marking a new chapter in the Saudi-African Development Bank’s relations, aimed at advancing sustainable growth and job creation across Africa.
President Ould Tah and the Saudi officials noted the strong alignment between Saudi Arabia’s Vision 2030 and the African Development Bank’s Four Cardinal Points strategic priorities, particularly concerning green industrialisation, trade facilitation, youth employment, and regional integration.
The Bank Group President highlighted flagship Bank Group initiatives, including Desert to Power, the Special Agro-Industrial Processing Zones program, and the Alliance for Green Infrastructure in Africa, as key opportunities for future Saudi partnership and investment.
In discussions with Saudi EXIM, President Ould Tah and Alkhalb reaffirmed their shared ambition to expand collaboration in trade finance, credit guarantees, and support for Saudi exports into African infrastructure and industrial projects. Both leaders agreed to deepen cooperation on market intelligence, capacity building, and joint co-financing mechanisms to enhance trade and investment opportunities across the continent.
During talks with the Saudi Fund for Development, President Ould Tah emphasised the Bank’s readiness to partner on co-financing public sector investments in agriculture, energy, transport, and climate resilience. The two institutions agreed to intensify structured collaboration to deliver greater development impact.
The meetings reaffirmed Saudi Arabia’s commitment to deliver on its $41 billion pledge to Africa, which includes $10 billion in export finance channelled through Saudi EXIM and $5 billion in development finance via the Saudi Fund. The Gulf state announced the plan at the "New Africa Summit" in October 2024, committing to a partnership to help close funding gaps, create jobs, stimulate economic growth, and improve the lives of millions in Africa.
The African Development Bank is working with both institutions to channel these resources into transformative projects that support Africa’s economic transformation.
The 2025 World Bank Annual Meetings, which opened on Monday under the theme “Jobs – The Path to Prosperity,” are focused on global strategies to address employment and inclusive growth. Dr Ould Tah’s participation underscores his vision to strengthen partnerships that unlock large-scale opportunities for youth and drive sustainable economic growth across Africa.
Source: AfDB